Shehbaz Sharif hopes funds allocated under IMF's EFF will be released as soon as possible n Tells IMF head all prior actions for 9th review completed n Very pleased to meet PM Shehbaz, Kristalina Georgieva says they discussed how IMF can continue to work closely with Pakistan.

PM Shehbaz meets Saudi Crown Prince, French leader Macron, Egypt president, UN Secretary General and John Kerry on the margins of Pact Summit.

PARIS/ ISLAMABAD   -   The head of the Interna­tional Monetary Fund (IMF) said Thursday that she had ‘a fruitful discussion’ with Prime Minister Shehbaz Shar­if on the sidelines of the Paris Summit. 

“Very pleased to meet Pakistan PM @CMShe­hbaz on the margins of the Paris Summit. We had a fruitful discus­sion on how the IMF can continue to work close­ly with Pakistan on pol­icies to maintain mac­roeconomic stability and advance inclusive growth for the Paki­stani people,” Kristalina Georgieva tweeted after her meeting with PM Shehbaz Sharif in Paris.

According to Pakistani officials, PM Shehbaz Sharif and Managing Director International Monetary Fund (IMF) Kristalina Georgieva met Thursday on the sidelines of New Global Financial Pact Summit and exchanged views on the ongoing pro­gramme and coopera­tion between Pakistan and the IMF. Recall­ing their recent tele­phone conversation on May 27, Shehbaz Shar­if apprised Georgieva of Pakistan’s economic outlook. The prime minister out­lined the steps taken by the gov­ernment for economic growth and stability. He underscored that all prior actions for the 9th review under the Extended Fund Facility (EFF) had been complet­ed and the Government of Paki­stan was fully committed to ful­filling its obligations as agreed with the IMF.

The prime minister expressed the hope that the funds allocat­ed under the IMF’s EFF would be released as soon as possible. This would help strengthen Pa­kistan’s ongoing efforts towards economic stabilisation, and bring relief to its people. The IMF man­aging director shared her in­stitution’s perspective on the ongoing review process. The meeting provided a useful op­portunity to take stock of the progress in that context.

Federal Minister for Climate Change and Environmental Coor­dination Sherry Rehman; Feder­al Minister for Economic Affairs Sardar Ayaz Sadiq, Federal Min­ister for Information and Broad­casting Marriyum Aurangzeb, Minister of State for Finance and Revenue Aisha Ghaus Pasha, Spe­cial Assistant to PM Tariq Fatemi and Pakistan’s Ambassador to France, Asim Iftikhar Ahmad at­tended the meeting.

‘PM meets John Kerry’

Prime Minister Shehbaz Shar­if on Thursday said the realisa­tion of the pledges for resources’ mobilisation under the Loss and Damage Fund established at COP 27 was of the utmost importance.

The prime minister, in a meet­ing with Special US Presidential Envoy for Climate John Kerry, on the sidelines of New Global Fi­nancing Pact Summit here, said being a common problem, the environmental issues required a joint strategy and efforts. Both the leaders expressed good wish­es for each other.

The prime minister appreciated John Kerry and the United States Administration for their prior­ities on the environment-relat­ed issues. The first-ever appoint­ment of John Kerry as Special Presidential Envoy for Climate also manifested the realisation of the importance of the issue. 

The prime minister observed that environmental problems were adversely affecting the de­velopment and growth rate of the developing countries. He high­lighted that the unprecedented floods of 2022 had exacerbated the economic woes of Pakistan.

The prime minister urged the developed countries to help the developing world overcome the negative impacts of the environ­mental issues on their growth rate. He believed that the New Global Financing Pact Summit being held in Paris was a ray of hope for the developing world. 

Moreover, he said, the refor­mation of the international fi­nancial infrastructure was also important to provide resources to the developing countries. 

John Kerry endorsed the prime minister’s viewpoint of threats posed by the climate change to the developing world.

Both the leaders agreed to keep up the contacts and con­sultation to carry out joint ef­forts for the purpose.

‘PM SHEHBAZ MEETS UN SECRETARY GENERAL’

Prime Minister Muhammad Shehbaz Sharif on Thursday met United Nations Secretary General Antonio Guterres on the sidelines of the Summit for New Global Financing Pact here and discussed the challenges of climate change being faced by the world, especially Pakistan.

The prime minister warm­ly welcomed the UN Secretary General and expressed his best wishes for him. In response the Secretary General also ex­pressed goodwill to PM Sharif.

Shehbaz Sharif told the UN Secretary General that he con­sidered him the benefactor of Pakistan as “we cannot forget your help during the last year’s floods”. He said the UN Secretary General himself was a witness to the devastation caused by the climate change in the country. 

The prime minister also in­formed the UN Secretary Gen­eral about the measures taken by the government for rehabili­tation and reconstruction of the flood-hit areas.

“Reconstruction of the infra­structure affected by the floods and rehabilitation of the flood affected people is the govern­ment’s top priority,” he added. 

He said due to the climate changes, financial burden on the developing countries had been increased manifold as they were facing new challenges to raise the economic growth and maintain fiscal balances.

PM Shehbaz called for utiliz­ing the Loss and Damage Fund to provide financial assistance to the developing countries.

The summit in Paris for the New Global Financing Pact was a good start in the right direction, he added.

He said along with climate jus­tice, a fair attitude was also re­quired in the distribution of global financial resources with developing countries.

The UN Secretary General ap­preciated the commitment of the prime minister and his govern­ment for the rehabilitation of the flood victims.

‘PM SHARIF MEETS SAUDI CROWN PRINCE MUHAMMAD BIN SALMAN’

Prime Minister Muhammad Shehbaz Sharif on Thursday met Crown Prince and Prime Minis­ter of the Kingdom of Saudi Ara­bia Prince Muhammad bin Salman here on the sidelines of the Sum­mit for New Global Financing Pact.

Besides discussing matters re­lating to mutual interests, the two leaders agreed to further ex­pand the shared actions to pro­mote bilateral cooperation in diverse areas. Prime Minister Sharif expressed his best wishes to the Saudi Crown Prince. Prince Muhammad bin Salman also ex­pressed his goodwill for the Paki­stani government and its people.

‘SUPPORT TO DEVELOPING STATES’

Prime Minister Shehbaz Sharif on Thursday said that supporting the debt-burdened developing countries under New Global Fi­nancing Pact was the need of the hour for the relief of their people.

The prime minister, in a meet­ing with French President Em­manuel Macron on the sidelines of the New Global Financing Pact Summit being held here, said the disastrous impacts of climate change had exacerbat­ed the difficulties of the already suffering developing states.

He appreciated the French president for hosting the Sum­mit and inviting him to the event as well as for the warm hospitality. The prime minister paid tribute to the French pres­ident for taking a “bold step” towards the development of a system based on financial eq­uity for the developing world faced with the challenges like the dearth of resources, debt burden, interest payments, and stalled development. The prime minister appreciated President Macron for his effort toward evolving a global con­sensus. The French president thanked the prime minister for participating in the Sum­mit. During the meeting, both leaders also discussed other matters of mutual interest and agreed to keep up the contacts.

‘PAKISTAN, EGYPT AGREE TO STRENGTHEN COOPERATION’

Prime Minister Shehbaz Shar­if on Thursday met with Presi­dent of Egypt Abdel Fattah el-Si­si here wherein the two leaders agreed to strengthen bilateral cooperation in multiple fields.

The prime minister said that the establishment of Loss and Damage Fund at COP27 held in Sharm El-Sheikh was an import­ant development. He said the Loss and Damage Fund had laid the basis for an important mile­stone at the global level.